Taubman's PJT Says Annual Bonuses May Be Paid Entirely in Cashby
Board's compensation committee made decision, PJT says
Cash can be awarded instead of restricted stock for partners
PJT Partners Inc., the boutique investment bank that spun off from Blackstone Group LP in October, said annual bonuses for fiscal 2015 to partners may be paid entirely in cash.
The board’s compensation committee made the decision Thursday, according to a regulatory filing from the New York-based firm Friday.
The investment bank is seeking to reward employees after being formed by combining a Blackstone operation with a firm founded by former Morgan Stanley dealmaker Paul J. Taubman. The stock closed Friday at $22.96, compared with $21 on Oct. 1, the first day of public trading.
The cash awards will be made “instead of having a portion of the annual bonus payments deferred into restricted stock units,” according to the filing.
PJT had about 330 employees, mostly in the Americas, according to an “Introduction to Investors” presentation dated Sept. 17 on the company’s website. The partner count was 46.
Julie Oakes, a spokeswoman for PJT at Joele Frank Wilkinson Brimmer & Katcher, didn’t immediately return a message seeking comment.